, 1887-07-06

O~A
ing which a memorandum must he
noted on the purchase contract)
the purchase sum or any outstanding
part thereof shall be charged with
interest, say during u term of 20
years, at the rate of 400 p. a., and
after the expiration of the said term
Of 20 years, at tho rate of s ofo p. a.
AS instalments On the purchase sum
shall be paid in "a half yearly terms,
besides the interest due. 1t4s of the
entire purchase sum When One-half
of the purchase sum is paid in this
manner, the other half may be left
standing, on 1st priority mortgage
in the allotment and buildings thereon
erected, in such u manner as to be
irreclaimable by creditor during q
term of 30 years from the first transfer
of the allotment. The debtor may at
any time, and the creditor at the expi-
ration Of the said term of 20 years,
give 6 months Ii office for the payment
of the remainder of the purchase sum
at one of the terms fixed for the pay
ment Of inStalmentS aud interest, say
1St April and LIST October every year.
The first payment Of interest and
inStalmeut is due at the first
of the terms aforesaid occurring II
months after the transfer. The
interest is then calculated for the
whole time since the transfer (l2
mouths or morc), whereas the install
ment is, as stated above, 18th of the
purchase sum; afterwards the interest
is paid, each time, for the half year
past ended.
When the purchaser shows to the
satisfaction of the superior authority
that he has erected on the allotment a
suitable dwelling house, which i'll re-
gard to size and construction tultiIs
such conditions as may be prescribed
by Government, the superior authority
may allow him a temporary delay
in the payment of the instalmentS
stipulated in the contract. but the
delay thus allowed shall in no case be
extended beyond three years no be-
yond such q term that the, instalmentS
which according to the contract should
be paid during the time of the delay,
exceed ome-half of the amount at which
the superior authority shall set down
the value of the building, the proper
conservation of which is incumbent on
the proprietor of the allotment under
the terms of his contract.
Direct taxes and other public bur-
dens which are, or shall be, assessed
on the transferred allotments, are after
the transfer betrayed by the pur-
chaser.
If the purchaser allows interest and
instruments to remain unpaid more than
three months after the day upon which
they are due for payment, If he falls
in arrears with taxes or dnes, or sui
fers the mortgage to deterlOrate, the
remainder of the purchase sum De"
comes due without notice.
When one-third of the purchase sum
is paid, the allotment is made over to
the owner by bill Of sale, and the re.
main,ler of the purchase sum is settled
by the issue OF mortgage bond by
which the creditor is given LIST priorl-
ty mortgage In the allotment with
buildings, stock and prodHee.
The right acquired by TIE purchase
of one or more alletmelts may be
made over by the proprietor or his
representative (Ais estate) to another
person, but, until bill of sale has been
granted, only with the Limitation that
no part of the allotment can be sold
off, that the allotment cannot be let,
and that the transfer cannot be made
except to such persons as according
to the conditions set Gefth areoeligible
as pnoprietors of aliStments. D.
The costs Of the ..ofieisal transfer
Of allotmefls ate DELAYED by the
State Treasury. :" 4. ~